Kaltz Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04047102 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

KALTZ LTD

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr Charlie Richards

Julian Wai-Ming Cheung

SECRETARY:

Mr Charlie Richards

REGISTERED OFFICE:

2nd Floor

St George's House

2 St George's Road

Bolton

Lancashire

BL1 2EN

REGISTERED NUMBER:

04047102 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kaltz Ltd for the year ended 31 August 2020 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kaltz Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kaltz Ltd and state those matters that we have agreed to state to the Board of Directors of Kaltz Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kaltz Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kaltz Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kaltz Ltd. You consider that Kaltz Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kaltz Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

14 June 2021

FIXED ASSETS

Tangible assets

4

5,864

6,106

CURRENT ASSETS

Stocks

5

115,869

133,195

Debtors

6

417,719

345,138

Cash at bank

4,234

-

537,822

478,333

CREDITORS

Amounts falling due within one year

7

(314,681

)

(305,821

)

NET CURRENT ASSETS

223,141

172,512

TOTAL ASSETS LESS CURRENT LIABILITIES

229,005

178,618

CREDITORS

Amounts falling due after more than one year

8

(46,667

)

-

PROVISIONS FOR LIABILITIES

10

(81

)

-

NET ASSETS

182,257

178,618

CAPITAL AND RESERVES

Called up share capital

11

2,002

2,002

Retained earnings

12

180,255

176,616

SHAREHOLDERS' FUNDS

182,257

178,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2021 and were signed on its behalf by:

Mr Charlie Richards - Director

1.	STATUTORY INFORMATION

Kaltz Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The director has reviewed the company's forecasts and projections and, in particular, has considered the potential implications of the Coronavirus (COVID-19) pandemic.

Whilst the eventual financial impact of the pandemic on the company, and the overall economy, remains uncertain, the director is confident that the company will be able to remain operational throughout the pandemic.

The director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Government grants

Government grants are credited to the statement of comprehensive income as follows:

- A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable.

- A grant that imposes specified future performance-related conditions is recognised in income only when the performance-related conditions are met.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets:

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities:

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities:

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2019

57,941

1,828

7,904

67,673

Additions

-

-

2,308

2,308

At 31 August 2020

57,941

1,828

10,212

69,981

DEPRECIATION

At 1 September 2019

54,477

1,010

6,080

61,567

Charge for year

780

363

1,407

2,550

At 31 August 2020

55,257

1,373

7,487

64,117

NET BOOK VALUE

At 31 August 2020

2,684

455

2,725

5,864

At 31 August 2019

3,464

818

1,824

6,106

5.

STOCKS

31.8.20

31.8.19

£

£

Work-in-progress

115,869

133,195

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

288,825

188,453

Other debtors

128,894

156,685

417,719

345,138

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts

3,333

33,934

Trade creditors

22,462

75,902

Taxation and social security

71,769

47,646

Other creditors

217,117

148,339

314,681

305,821

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans

46,667

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.20

31.8.19

£

£

Within one year

20,000

20,000

Between one and five years

16,667

36,667

36,667

56,667

10.	PROVISIONS FOR LIABILITIES

31.8.20

£

Deferred tax

Tax losses carried forward

(547

)

Deferred tax

628

81

Deferred

tax

£

Balance at 1 September 2019

(691

)

Charge to Statement of Income and Retained Earnings during year

772

Balance at 31 August 2020

81

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

2

Ordinary A

£1

2

2

200,000

E

£0.01

2,000

2,000

2,002

2,002

12.

RESERVES

Retained

earnings

£

At 1 September 2019

176,616

Profit for the year

3,639

At 31 August 2020

180,255